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FTSE 250 movers: Broader rebound outweighs ongoing housing rout

Thu, 30th Jun 2016 15:29

(ShareCast News) - The FTSE 250 continued to rally on Thursday alongside its blue chip sibling as a broad-based rebound across sectors outweighed continued softness for housing-related stocks after the Brexit vote. Half an hour before the close, the FTSE 250 was up 0.65% to 16,106.31.Some of the rebounds may be temporary, notably short covering, said Capital Economics."More positively, though, we think that the markets are right to recognise that Brexit, and especially some form of Brexit-lite, would not be as damaging as so many were arguing ahead of the referendum."Esure was a high riser after a report suggested it was being circled by private equity firms and overseas insurance group amid signs founder Peter Wood may be willing to sell his 30% shareholding. Buyout groups, Sky News said, have been exploring takeover bids for Esure in recent weeks. But Esure said it has not received an approach and "continues to focus on its strategic review of Gocompare.com", announced on 7 June, "and will announce the results of the strategic review in due course". Sky had said it was unclear on whether any formal approaches have been made to Esure's board since its 7 June statement, or whether KKR's interest continued to be active. Nevertheless the shares hung onto most of their initial spike. Network security solutions company Sophos continued to rise for a second day after on Wednesday reporting strong first quarter trading with billings above board expectations, as part of its inaugural 'capital markets day'. The FTSE 250 firm said like-for-like billings growth is expected to be in the range of 20% to 23% year-over-year. On Thursday several analysts had positive comments, with broker Peel Hunt said it continued to believe that the company is "well positioned within the cybersecurity industry" and that the strategy of using a channel sales model is "showing strong positive signs". JP Morgan and UBS also issued positive notes. CLS Holdings was a strong riser as the London-centric property investor's broker completed its share buyback programme.Ocado was up, helped by a 'buy' rating from Goldman Sachs, which noted key metrics were still improving despite industry pressure and updated estimates post interim results. "Though our EBITDA estimates fall circa 5%-7%, underlying metrics continue to improve, with EBITDA margins up circa 50bp as listed peers have fallen circa 260 basis points over the last five years."Fallers, which were led by PayPoint as it went ex-dividend, also included brick maker Ibstock, residential property websites Zoopla Property, Rightmove, housebuilders Crest Nicholson and Bellway. Aldermore Group, one of several challenger banks to have suffered badly since the EU referendum result, continued to crater.A note from Barclays saw a near-halving of its target price to 120p. Barclays also cut its target for OneSavings 40% to 205p, though the stock rose 7% to 211.97p, while Shawbrook was cut 50% to 160p the share price closed the day nearly flat at 170.50p. FTSE 250 - RisersSoftcat (SCT) 327.20p 9.07%esure Group (ESUR) 281.90p 8.21%Safestore Holdings (SAFE) 355.10p 6.10%CLS Holdings (CLI) 1,403.00p 5.89%Evraz (EVR) 138.00p 5.75%Amec Foster Wheeler (AMFW) 481.40p 5.73%Wizz Air Holdings (WIZZ) 1,594.00p 5.56%Ocado Group (OCDO) 234.30p 5.54%Sophos Group (SOPH) 208.00p 5.48%Indivior (INDV) 250.30p 4.51%FTSE 250 - FallersPayPoint (PAY) 896.50p -7.48%Allied Minds (ALM) 349.50p -6.22%Zoopla Property Group (WI) (ZPLA) 251.90p -5.94%Ibstock (IBST) 130.80p -5.70%Aldermore Group (ALD) 114.50p -5.37%Brown (N.) Group (BWNG) 173.70p -4.24%Mitchells & Butlers (MAB) 230.10p -3.92%Crest Nicholson Holdings (CRST) 350.50p -3.79%Redrow (RDW) 308.80p -3.77%Rightmove (RMV) 3,578.00p -3.69%
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10 Mar 2016 08:39

LONDON MARKET OPEN: Aviva And Savills Lead Firm Open As ECB Looms

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10 Mar 2016 07:51

Aldermore Profit Jumps 88% As Net Lending, Customer Numbers Increase

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3 Mar 2016 16:40

Thursday newspaper share tips: Virgin Money, Challenger banks

(ShareCast News) - Homes are not always a safe repository of value, as property busts show, but at the moment they are the safest corner of the UK banking space. That was reflected yesterday in Virgin Money's full-year figures for return on tangible equity, which at 10.9% easily trumped those of the

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3 Mar 2016 16:24

Earnings, Trading Statements Calendar - Week Ahead

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29 Feb 2016 14:29

FTSE 250 movers: Ocado, Ultra and Hiscox weigh on index

(ShareCast News) - The FTSE 250 crawled back towards parity by mid-afternoon on Monday after an early morning dip, but the index remained doggedly on the wrong side of the line. Shares in Vedanta Resources led the recovery over the day, climbing on news that India will shelve export taxes on low-gra

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29 Feb 2016 11:52

Peel Hunt sees attractions of the 'challenger banks'

(ShareCast News) - Broker Peel Hunt has slapped a 'buy' recommendation on Aldermore, OneSavings Bank and Shawbrook, as it began coverage of the three challenger banks. After some weeks of significant share price weakness in the trio, Peel Hunt said there was now an opportunity to acquire "high-quali

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29 Feb 2016 10:41

WINNERS & LOSERS SUMMARY: Mixed Fortunes For Morrisons And Ocado

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29 Feb 2016 09:34

BROKER RATINGS SUMMARY: Goldman Sachs Raises Sky And Cuts ITV

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5 Feb 2016 09:30

BROKER RATINGS SUMMARY: Barclays Cuts Enterprise Inns To Underweight

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27 Jan 2016 17:31

Wednesday broker round-up

(ShareCast News) - Aldermore Group: Investec reiterates buy recommendation and keeps target price at 325p. Saga: Numis stays at addwith 235p target and Canaccord Genuity upgrades to buy 240p target. Crest Nicholson: Jefferies keeps at buy and raises target from 719p to 740p. Ophir Energy: Credit S

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20 Jan 2016 13:07

Broker tips: JD Wetherspoon, WH Smith, Shawbrook

(ShareCast News) - JD Wetherspoon was under pressure on Wednesday as Investec cut its target price to 760p from 800p after the pub operator guided full year profits lower. In a trading statement, chairman Tim Martin warned that full year profits "were likely to below the lower end of analysts' expec

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20 Jan 2016 11:14

Credit Suisse picks favourites from UK challenger banks

(ShareCast News) - Credit Suisse initiated coverage of Shawbrook at 'outperform' with a 410p price target, saying the model is attractive, given that it avoids commoditised lending and is diversified across both SME and consumer lending. The Swiss bank prefers Shawbrook to Aldermore, as its stronger

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19 Jan 2016 09:35

BROKER RATINGS SUMMARY: UBS Upgrades Burberry To Buy From Neutral

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15 Jan 2016 15:21

FTSE 250 movers: Insurance worries sends Moneysupermarket.com falling

(ShareCast News) - The FTSE 250 was set to close at its lowest point for 2016, with the market already down 256.85 points (1.56%) to 16,156.42 by mid-afternoon Friday. Moneysupermarket.com was the market's biggest faller after the company's fourth quarter insurance revenues were hit by stronger comp

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13 Jan 2016 09:48

BROKER RATINGS SUMMARY: JPMorgan Gives Unilever Double Upgrade

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